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Table of Contents

Lead Story

Wal-Mart: A new center of gravity for payments

News

Industry Update

Job rebound in acquiring?

Processors press industry for more standards

Retailer wanted breach connection hushed up

Trade Association News

Features

GS Advisory Board:
Positive economic signs and actions - Part 3

Research Rundown

Selling Prepaid

Prepaid in brief

Consumers in the prepaid driver's seat

Security standard in store for stored-value

Views

ACH grows, B2B payments plod along

Patti Murphy
The Takoma Group

The cost of credit card processing - past and present

Jared Isaacman
United Bank Card Inc.

The 'Wal-Mart case' revisited

Brandes Elitch
CrossCheck Inc.

Education

Street SmartsSM:
No ISO demise with niche markets

Ken Musante

Contractual pricing pitfalls

Adam Atlas
Attorney at Law

Building a global Web site

Caroline Hometh
Payvision

Crossing the POS chasm

Dale S. Laszig
Castles Technology Co. Ltd.

Healing the Achilles heel of business

Nicholas Cucci
Network Merchants Inc.

Company Profile

Secure Payment Systems Inc.

New Products

Memory card-based NFC

SideTap MicroSD cards
Company: Tyfone Inc.

Portable gateway enhancement

PaySaber
Company: USA ePay

Inspiration

Change, the best business medicine

Departments

Forum

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

April 26, 2010  •  Issue 10:04:02

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Inspiration

Change, the best business medicine

When you're finished changing, you're finished.
- Benjamin Franklin

If one thing is certain in life, it's that things never remain the same. We've all heard that adage countless times and know it's true. So why can't some business owners accept it? Often the number one hindrance to a company's success is its owner's unwillingness to accept change.

If a business is struggling, it isn't because the person in charge doesn't want things to advance or improve.

Often, however, the individual is in a comfort zone, and change would yank him or her right out into the unknown. Does this sound like you or someone you know - perhaps one of your merchant customers?

Accept it

If your answer is yes, let's observe how learning to accept change can help you and your business (or your clients and their businesses) flourish.

Perhaps your enterprise has been on a downward spiral lately. Maybe some of your merchant customers have gone out of business, and you haven't signed enough new accounts to replace them. So your residuals have suffered.

Take action

Now, you have some ideas to help things get moving in a positive direction, but you aren't sure if they'll work. You might be asking yourself, What if I make changes and things become worse? If so, don't let that stop you.

Yes, your business might suffer a bit, but so what? It's a risk you'll have to take because doing nothing will absolutely make things worse over time.

Keep at it

Chances are, implementing your first idea will lead to positive developments. But if not, at least you'll have learned something and begun the process of turning your business around.

The thing to do if your first idea doesn't pan out is to forge ahead. Don't give up. Just try another idea. Remember, you can't stand still for long, even if you're lulled into thinking you want to.

You likely knew the importance of being proactive when you began your business, but perhaps you reached a certain comfort level once the dollars started rolling in and lost a little bit of your drive.

Make it happen

Well, you've got to dust off your mental cobwebs and take action, because it is a given that your business will change for better or worse. But if you're not fully engaged, it will be shaped by others actions, not yours.

In the business world, you're either keeping up with the competitors and the ever-changing world or you're falling behind. There's no middle ground. So, it's not only about accepting change, but also whether you'll help create it and what you will do when it occurs.

Changing your company's direction can actually be good medicine. It will spur you to refine your goals and learn new ways to reach potential clients. Change can give you glimpses of new goals you never even dreamed of before.

Think back to the 1990s. What if no one had taken those first steps to learn how to use the Internet to conduct business? What if all the major companies around the world had ignored the Web completely? How would this have affected the world as we know it today?

Embrace it

The truth is many traditional business owners approached the Web slowly and cautiously, unsure of how it would affect their companies.

But they soon realized the Internet is an effective tool for reaching potential customers, selling products, exchanging information, keeping in contact with associates and much more. So the great, mysterious Internet brought beneficial changes to millions of users.

Imagine if no one had invented the mobile phone or if people still produced documents with typewriters instead of computers.

Adjusting to these changes may have seemed like a hassle or even unnecessary at one time, but they brought increased efficiency to thousands of companies and individuals around the world.

Harness it

Unknown changes lie ahead, and with them will come opportunities if you pay attention. If you accept change with an open mind and are poised to act on new ideas, your company will weather any slump and emerge reinvigorated and strong.

It's your willingness to move forward that will ultimately bring about brighter tomorrows.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | Harbortouch | USAePay | IRISCRM.COM | Humboldt Merchant Services